-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, G0JDSL2nLJhTplDC/sl1q82kCqITb2Q62yCt/o9xZ7Lcq9gZRhtpF/M35E578mCW B0Z1CdCHZ6YWz/dCnyIXPA== 0000909518-10-000513.txt : 20100901 0000909518-10-000513.hdr.sgml : 20100901 20100901135312 ACCESSION NUMBER: 0000909518-10-000513 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20100827 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20100901 DATE AS OF CHANGE: 20100901 FILER: COMPANY DATA: COMPANY CONFORMED NAME: ADVANTA CORP CENTRAL INDEX KEY: 0000096638 STANDARD INDUSTRIAL CLASSIFICATION: PERSONAL CREDIT INSTITUTIONS [6141] IRS NUMBER: 231462070 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 000-14120 FILM NUMBER: 101052113 BUSINESS ADDRESS: STREET 1: P.O. BOX 844 STREET 2: WELSH & MCKEAN ROADS CITY: SPRING HOUSE STATE: PA ZIP: 19477 BUSINESS PHONE: 2154445341 MAIL ADDRESS: STREET 1: C/O WELSH & MCKEAN ROADS STREET 2: P.O. BOX 844 CITY: SPRING HOUSE STATE: PA ZIP: 19477-0844 FORMER COMPANY: FORMER CONFORMED NAME: TSO FINANCIAL CORP DATE OF NAME CHANGE: 19880306 FORMER COMPANY: FORMER CONFORMED NAME: TEACHERS SERVICE ORGANIZATION INC DATE OF NAME CHANGE: 19850812 8-K 1 mm08-3110_8k.htm FORM 8-K mm08-3110_8k.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
 
Washington, D.C.  20549

FORM 8-K

CURRENT REPORT
 
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  August 31, 2010

 
Advanta Corp.
(Exact name of registrant as specified in its charter)

Delaware
  
0-14120
  
23-1462070
(State or other jurisdiction of incorporation)
  
(Commission File Number)
  
(IRS Employer Identification No.)

Welsh & McKean Roads, P.O. Box 844, Spring House, Pennsylvania
  
19477
(Address of Principal Executive Offices)
  
(Zip Code)

Registrant’s telephone number, including area code:  (215) 657-4000
 
Not Applicable
(Former name or former address, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
£  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

£  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

£  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
£  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
 

 
 
 

 
 
 
 
Item7.01.    Regulation FD Disclosure
 
On August 31, 2010, Advanta Corp. (the “Registrant”) and certain of its subsidiaries (together with the Registrant, the “Debtors”) filed their unaudited monthly operating report for the period commencing July 1, 2010, and ending July 31, 2010 (the “Monthly Operating Report”), with the United States Bankruptcy Court for the State of Delaware (the “Bankruptcy Court”) Case No. 09-13931 (KJC) (the “Chapter 11 Cases”). A copy of the Monthly Operating Report is c ontained in the attached Exhibit 99.1 and is incorporated herein by reference.
 
Limitation on Incorporation by Reference
 
In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 is being furnished for informational purposes only and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing. The filing of this Form 8-K shall not be deemed an admission as to the materiality of any information herein that is required to be disclosed solely by Regulation FD.
 
Cautionary Statement Regarding Financial and Operating Data
 
The Registrant cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Registrant. The Monthly Operating Report has been prepared solely for the purpose of complying with the operating guidelines as described in the Chapter 11 Trustee Handbook, United States Department of Justice, May 2004 in accordance with 28 U.S.C. § 586(a)(3). The Monthly Operating Report is limited in scope and only covers a limited time period.
 
The financial statements in the Monthly Operating Report were not audited or reviewed by independent accountants and were not prepared in accordance with accounting principles generally accepted in the United States of America (GAAP). The Monthly Operating Report presents condensed financial information of the Debtors.
 
There can be no assurance that, from the perspective of an investor or a potential investor in the Registrant’s securities, the Monthly Operating Report is complete. The Monthly Operating Report may be subject to future adjustment and reconciliation. The Monthly Operating Report also contains information for periods which are shorter or otherwise different from those required in periodic reports pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and such information might not be indicative of the Registrant’s financial condition or operating results for the period that would be reflected in the Registrant’s financial statements or in reports pursuant to the Exchange Act. The information set forth in the Monthly Operating Report should not be viewed as indicative of future results.
 
The Monthly Operating Report and additional information about the Debtors’ filings under chapter 11 of title 11 of the United States Bankruptcy Code (the “Bankruptcy Code”), including access to court documents and other general information about the Chapter 11 Cases, are available online at the Debtors’ case administration website located at http://www.advantareorg.com.
 
Cautionary Statement Regarding Forward-Looking Statements
 
This Current Report on Form 8-K contains forward-looking statements that are subject to certain risks and uncertainties that could cause actual results to differ materially from those projected. The most significant among these risks and uncertainties are: (i) the Registrant’s ability to obtain Bankruptcy Court approval with respect to motions in the Chapter 11 Cases; (ii) the ability of the Debtors to prosecute, develop and consummate one or more chapter 11 plans with respect to the Chapter 11 Cases; (iii) the effects of the Debtors’ filing of voluntary petitions for relief (the “Bankruptcy Filing”) under the Bankruptcy Code on the Registrant and the interests of various creditors, equity holders and other cons tituents; (iv) the Bankruptcy Court’s rulings in the Chapter 11 Cases and the outcome of the Chapter 11 Cases in general; (v) the length of time the Registrant will operate under the Chapter 11 Cases; (vi) the risks associated with third party motions in the Chapter 11 Cases, which may interfere with the Registrant’s
 
 
 
 
2
 
 
 
ability to develop and consummate any chapter 11 plan once any such plan is developed; (vii) the potential adverse effects of the Chapter 11 Cases and the receivership of Advanta Bank Corp. (“ABC”) on the Registrant’s liquidity or results of operations; (viii) the Registrant’s ability to execute the Registrant’s chapter 11 plan; (ix) the increased legal costs related to the Bankruptcy Filing and other litigation; (x) the Registrant’s ability to maintain contracts with suppliers and service providers and to retain key executives, managers and employees; and (xi) the risks associated with actions that the Federal Deposit Insurance Corporation (“FDIC”) has commenced against the Regist rant with respect to ABC and the risk that the FDIC will pursue further actions, including regulatory actions or litigation. The cautionary statements provided above are being made pursuant to the provisions of the Private Securities Litigation Reform Act of 1995 (the “Act”) and with the intention of obtaining the benefits of the “safe harbor” provisions of the Act for any such forward-looking statements. Additional risks that may affect the Registrant’s future performance are detailed in the Registrant’s filings with the Securities and Exchange Commission, including its most recent Annual Report on Form 10-K and its Quarterly Reports on Form 10-Q.
 
 

 

 
3
 

 
Item 9.01.   Financial Statements and Exhibits
 
(d) Exhibits.

     
Exhibit Number
  
Description
     
99.1
  
Advanta Corp. Monthly Operating Report for the period commencing July 1, 2010, and ending on July 31, 2010, filed with the United States Bankruptcy Court for the District of Delaware.
     

 
4
 

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. 
 
 
ADVANTA CORP.
  
     
Date:  August 31, 2010
      
 
By:
 /s/ Jay A. Dubow
  
   
Jay A. Dubow, Chief Administrative
Officer, Senior Vice President,
Secretary and General Counsel
  
       


 
5
 

 EX-99.1 2 mm08-3110_8kex991.htm EX.99.1 - JULY 2010 MONTHLY OPERATING REPORT mm08-3110_8kex991.htm
EXHIBIT 99.1

UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
 
Chapter 11
In Re: Advanta Corp., et al.
Case No. 09-13931 (KJC)
Debtors
Reporting Period: July 1, 2010 to July 31, 2010

MONTHLY OPERATING REPORT

Required Documents
Form No.
Document
Attached
Explanation
Attached
Affidavit/Supp.
Attached
Schedule of Cash Receipts and Disbursements
MOR-1
X
    
Bank Reconciliation (or copies of debtors bank reconciliations)
MOR-1a
    
X
Schedule of Professional Fees Paid
MOR-1b
X
    
Copies of bank statements
        
Cash disbursements journals 
  
X
    
Statements of Operations
        
For the Reporting Period 
MOR-2a
X
    
For the Period from Petition Date through End of Reporting Period
MOR-2b
X
    
Balance Sheets
        
As of End of Current Reporting Period
MOR-3a
X
    
As of Petition Date
MOR-3b
X
    
Status of Postpetition Taxes
MOR-4
X
  
X
Copies of IRS Form 6123 or payment receipt
        
Copies of tax returns filed during reporting period
        
Summary of Unpaid Postpetition Debts
MOR-4
X
    
Listing of aged accounts payable 
MOR-4
X
    
Accounts Receivable Reconciliation and Aging 
MOR-5
X
    
Debtor Questionnaire 
MOR-5
X
    

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.


/s/ Philip M. Browne
  
08/31/10
Signature of Authorized Individual*
  
Date
     
     
     
Philip M. Browne
  
Chief Financial Officer
Printed Name of the Authorized Individual
  
Title of Authorized Individual

* Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.


 
 
 

UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re:
  
Chapter 11
Advanta Corp., et al.
  
Case No. 09-13931 (KJC)
Debtors
  
Reporting Period: July 1, 2010 to July 31, 2010


Disclaimer

Advanta Corp. and certain of its subsidiaries (collectively, the “Debtors”) caution investors and potential investors not to place undue reliance upon the information contained in this Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of Advanta Corp. or any of its subsidiaries or affiliates.  The Monthly Operating Report has been prepared solely for the purpose of complying with the operating guidelines as described in the Chapter 11 Trustee Handbook, United States Department of Justice, May 2004 in accordance with 28 U.S.C. § 586(a)(3).  The Monthly Operating Report is l imited in scope and only covers a limited time period.

The financial statements in the Monthly Operating Report were not audited or reviewed by independent accountants and were not prepared in accordance with accounting principles generally accepted in the United States of America.  The Monthly Operating Report presents condensed financial information of the Debtors.

There can be no assurance that, from the perspective of an investor or a potential investor in the securities of Advanta Corp. or any of its subsidiaries or affiliates, the Monthly Operating Report is complete.  The Monthly Operating Report may be subject to future adjustment and reconciliation.  The Monthly Operating Report also contains information for periods which are shorter or otherwise different from those required in periodic reports pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and such information might not be indicative of the Debtors’ financial condition or operating results for the period that would be reflected in the Debtors’ financial statements or in reports pursuant to the Exchange Act.  The information set forth in the Monthly Operating Repo rt should not be viewed as indicative of future results.  This disclaimer applies to all information contained herein.  The Debtors reserve all rights to amend the results presented in this Monthly Operating Report.
 
 

 
 
 
 

United States Bankruptcy Court
District of Delaware
 
Chapter 11
In Re: Advanta Corp., et al.
Case No. 09-13931 (KJC)
Debtors
Reporting Period: July 1, 2010 to July 31, 2010

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENT
 
Debtor
  
 Advanta Corp.
 Advanta Business Services Holding Corp.
 Advanta Service Corp.
 Advanta Business Services Corp.
 Advanta Shared Services Corp.
 Advanta Finance Corp.
 Advanta Mortgage Holding Co.
 Advanta Mortgage Corp. USA
 Advanta Investment Corp.
   
 09-13931 (KJC)
 09-13935 (KJC)
 09-13932 (KJC)
 09-13933 (KJC)
 09-13934 (KJC)
 09-13944 (KJC)
 09-13938 (KJC)
 09-13937 (KJC)
 09-13942 (KJC)
Cash - Beginning of Reporting Period
  
 $ 105,710,009
 $1,322,209
 $ 1,644
 $844,291
 $138,121
 $ 4,990
 $90
 $ 49,990
 $ 4,990
Receipts
                    
 Receivable Receipts
  
 1,586,829
                
 Investment Income
  
 347,478
185,318
              
 C/O Sale Portfolio Recoveries
  
 92,385
                
 Other Receipts
  
 53,364
    
 109
 62,724
        
 Total Receipts
  
 2,080,056
185,318
 -
 109
 62,724
 -
 -
 -
 -
                     
Unrealized gain / (loss) on investment
  
 2
                
                     
Intercompany Transfers In / (Out)
  
 118,244
 -
 -
 -
 -
 -
 -
 -
 -
                     
Disbursements
                    
 Personnel Costs
  
 1,215,629
                
 Advertising Costs
  
-
                
 Equipment Costs
  
9,858
                
 Net Occupancy Costs
  
 350,555
                
 Other Costs
  
 333,852
10
              
 Business Taxes / Licenses
  
2,080
                
 Restructure Fees
  
 1,631,227
                
 Total Disbursements
  
 3,543,201
10
 -
 -
 -
 -
 -
 -
 -
                     
Net Cash Flow
  
(1,344,901)
185,308
 -
 109
 62,724
 -
 -
 -
 -
                     
Cash - End of Reporting Period
  
 $ 104,365,110
 $1,507,518
 $ 1,644
 $844,400
 $200,845
 $ 4,990
 $90
 $ 49,990
 $ 4,990


MOR-1
 
 


United States Bankruptcy Court
District of Delaware
 
Chapter 11
In Re: Advanta Corp., et al.
Case No. 09-13931 (KJC)
Debtors
Reporting Period: July 1, 2010 to July 31, 2010

SCHEDULE OF CASH RECEIPTS AND DISBURSEMENT
 
Debtor
  
 Advanta Auto Finance Corp.
 Advanta Advertising Inc.
 Advanta Credit Card Rec. Corp.
 Advanta Ventures Inc.
 Advantennis Corp.
 ideablob Corp.
 BE Corp.
 Total
   
 09-13939 (KJC)
 09-13943 (KJC)
 09-14127 (KJC)
 09-14125 (KJC)
 09-13941 (KJC)
 09-14129 (KJC)
 09-14130 (KJC)
  
Cash - Beginning of Reporting Period
  
 $ 84,275
 $ 990
 $ 17,347
 $90
 $ 61,447
 $ 65,585
 $106,090
 $ 108,412,157
Receipts
                  
 Receivable Receipts
                
1,586,829
 Investment Income
                
532,796
 C/O Sale Portfolio Recoveries
                
 92,385
 Other Receipts
  
 980
            
117,178
 Total Receipts
  
 980
 -
 -
 -
 -
 -
 -
2,329,188
                   
Unrealized gain / (loss) on investment
                
 2
                   
Intercompany Transfers In / (Out)
  
 -
 -
 -
 -
 -
(50,000)
(68,244)
 -
                   
Disbursements
                  
 Personnel Costs
      
 600
        
1,216,229
 Advertising Costs
                
 -
 Equipment Costs
                
 9,858
 Net Occupancy Costs
                
350,555
 Other Costs
      
 1,103
        
334,965
 Business Taxes / Licenses
                
 2,080
 Restructure Fees
                
1,631,227
 Total Disbursements
  
 -
 -
 1,703
 -
 -
 -
 -
3,544,914
                   
Net Cash Flow
  
 980
 -
 (1,703)
 -
 -
(50,000)
(68,244)
 (1,215,726)
                   
Cash - End of Reporting Period
  
 $ 85,255
 $ 990
 $ 15,644
 $90
 $ 61,447
 $ 15,585
 $ 37,846
 $ 107,196,433


MOR-1
 
 


United States Bankruptcy Court
District of Delaware
 
 
Chapter 11
In Re: Advanta Corp., et al.
Case No. 09-13931 (KJC)
Debtors
Reporting Period: July 1, 2010 to July 31, 2010

CASH DISBURSEMENTS JOURNALS

Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
Advanta Corp.
09-13931 (KJC)
2,604,424
 -
 -
 2,604,424
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $2,604,424
 $ -
 $ -
 $ 2,604,424
 $ -

Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
Advanta Service Corp.
09-13932 (KJC)
 -
 -
 -
 -
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $ -
 $ -
 $ -
 $ -
 $ -

Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
Advanta Business Services Corp.
09-13933 (KJC)
 2,205
 -
 -
 2,205
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $ 2,205
 $ -
 $ -
 $ 2,205
 $ -

Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
Advanta Shared Services Corp.
09-13934 (KJC)
817,279
 -
 -
 817,279
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $817,279
 $ -
 $ -
 $ 817,279
 $ -

Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
Advanta Business Serv. Holding Corp.
09-13935 (KJC)
10
 -
 -
 10
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $10
 $ -
 $ -
 $ 10
 $ -

Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
Great Expectations Franchise Corp.
09-13936 (KJC)
 -
 -
 -
 -
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $ -
 $ -
 $ -
 $ -
 $ -

Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
Advanta Mortgage Corp. USA
09-13937 (KJC)
 -
 -
 -
 -
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $ -
 $ -
 $ -
 $ -
 $ -

Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
Advanta Mortgage Holding Company
09-13938 (KJC)
 -
 -
 -
 -
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $ -
 $ -
 $ -
 $ -
 $ -

Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
Advanta Auto Finance Corporation
09-13939 (KJC)
 -
 -
 -
 -
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $ -
 $ -
 $ -
 $ -
 $ -
 
 


MOR-1
 
 


United States Bankruptcy Court
District of Delaware
 
 
Chapter 11
In Re: Advanta Corp., et al.
Case No. 09-13931 (KJC)
Debtors
Reporting Period: July 1, 2010 to July 31, 2010

CASH DISBURSEMENTS JOURNALS
 
Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
Great Expectations Management Corp.
09-13940 (KJC)
 -
 -
 -
 -
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $ -
 $ -
 $ -
 $ -
 $ -

Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
Advantennis Corp.
09-13941 (KJC)
 -
 -
 -
 -
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $ -
 $ -
 $ -
 $ -
 $ -

Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
Advanta Investment Corp.
09-13942 (KJC)
 -
 -
 -
 -
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $ -
 $ -
 $ -
 $ -
 $ -

Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
Advanta Advertising Inc.
09-13943 (KJC)
 -
 -
 -
 -
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $ -
 $ -
 $ -
 $ -
 $ -

Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
Advanta Finance Corp.
09-13944 (KJC)
 -
 -
 -
 -
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $ -
 $ -
 $ -
 $ -
 $ -

Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
Great Expectations International Inc.
09-13945 (KJC)
 -
 -
 -
 -
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $ -
 $ -
 $ -
 $ -
 $ -

Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
Advanta Ventures Inc.
09-14125 (KJC)
 -
 -
 -
 -
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $ -
 $ -
 $ -
 $ -
 $ -

Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
Advanta Credit Card Rec. Corp.
09-14127 (KJC)
 1,703
 -
 -
 1,703
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $ 1,703
 $ -
 $ -
 $ 1,703
 $ -

Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
ideablob Corp.
09-14129 (KJC)
 50,000
 -
 -
50,000
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $ 50,000
 $ -
 $ -
 $50,000
 $ -
 
 


MOR-1
 
 


United States Bankruptcy Court
District of Delaware
 
 
Chapter 11
In Re: Advanta Corp., et al.
Case No. 09-13931 (KJC)
Debtors
Reporting Period: July 1, 2010 to July 31, 2010

CASH DISBURSEMENTS JOURNALS
Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
BE Corp.
09-14130 (KJC)
 69,294
 -
 -
69,294
  
Total Disbursements
        
 -
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $ 69,294
 $ -
 $ -
 $69,294
 $ -

Debtor
Case No.
July
August
September
Quarterly Disb.
Fees
Total
              
Total Disbursements
  
3,544,914
 -
 -
 3,544,914
 -
 
Less: Transfers to Debtor in Possession Accounts
  
 -
 -
 -
 -
 -
 
Plus: Estate Disbursements Made by Outside Sources
  
 -
 -
 -
 -
 -
Total Disbursements For Calculating U.S. Trustee Quarterly Fees
 $3,544,914
 $ -
 $ -
 $ 3,544,914
 $ -
               
               
           
TOTAL FEES
 $ -



MOR-1 
 
 

UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re:
  
Chapter 11
Advanta Corp., et al.
  
Case No. 09-13931 (KJC)
Debtors
  
Reporting Period: July 1,
2010 to July 31, 2010


Statement with Respect to Bank Account Reconciliations, Bank Statements and Bank Accounts
For the Period From July 1, 2010 to July 31, 2010



Bank Account Reconciliations
The Debtors affirm that bank reconciliations were prepared for all open and active Debtor bank accounts as of July 31, 2010.

Bank Statements and Bank Accounts
The Debtors affirm that bank statements for all open and active bank accounts are retained by the Debtors.  There were no bank accounts opened by the Debtors during the current reporting period.  Attached is a list of Debtors’ bank accounts and balances as of July 31, 2010.

MOR-1a
 
 
 


United States Bankruptcy Court
District of Delaware
In Re:  Advanta Corp., et al.
Chapter 11
Debtors
  
Case No. 09-13931 (KJC)
   
Reporting Period: July 1, 2010 to July 31, 2010
 

List of Bank Accounts for Debtor Entities
            
           
July 31, 2010
   
Debtor Case No.
  
Bank
  
 Bank Balance
Advanta Corp. Cash Accounts
            
Master Concentration (#XXX2271)
  
09-13931 (KJC)
  
Republic First Bank
  
 $     26,424,894.21
Accounts Payable (#XXX2328)
  
09-13931 (KJC)
  
Republic First Bank
  
             268,837.95
Care Assistance (#XXX2336)
  
09-13931 (KJC)
  
Republic First Bank
  
             122,407.70
ACH Taxes (#XXX2344)
  
09-13931 (KJC)
  
Republic First Bank
  
                        0.01
Utilities Escrow Account (#XXX5890)
  
09-13931 (KJC)
  
Republic First Bank
  
               29,000.00
Wachovia Payroll Account (#XXXXXXXXX7257)
  
09-13931 (KJC)
  
Wachovia
  
               65,979.98
             
Total Advanta Corp.
          
        26,911,119.85
             
Entity Level Cash Accounts
            
Advanta Shared Services Corp. (#XXX3235)
  
09-13934 (KJC)
  
Republic First Bank
  
             200,845.23
Advanta Credit Card Receivables Corp. (#XXX3332)
  
09-14127 (KJC)
  
Republic First Bank
  
               15,644.14
Advanta Advertising Inc. (#XXX3006)
  
09-13943 (KJC)
  
Republic First Bank
  
                    990.00
Advanta Auto Finance (#XXX3014)
  
09-13939 (KJC)
  
Republic First Bank
  
               85,255.32
Advanta Business Services Corp. (#XXX3030)
  
09-13933 (KJC)
  
Republic First Bank
  
             844,399.60
Advanta Business Services Holding Corp. (#XXX3049)
  
09-13935 (KJC)
  
Republic First Bank
  
          1,507,517.53
Advanta Finance Corp. (#XXX3065)
  
09-13944 (KJC)
  
Republic First Bank
  
                 4,990.00
Advanta Investment Corp. (#XXX3189)
  
09-13942 (KJC)
  
Republic First Bank
  
                 4,990.00
Advanta Mortgage Corp. USA (#XXX3200)
  
09-13937 (KJC)
  
Republic First Bank
  
               49,990.00
Advanta Mortgage Holding Corp. (#XXX3219)
  
09-13938 (KJC)
  
Republic First Bank
  
                      90.00
Advanta Service Corp. (#XXX3227)
  
09-13932 (KJC)
  
Republic First Bank
  
                 1,643.73
Advanta Ventures Inc. (#XXX3391)
  
09-14125 (KJC)
  
Republic First Bank
  
                      90.00
Advantennis Corp. (#XXX3243)
  
09-13941 (KJC)
  
Republic First Bank
  
               61,446.51
BE Corp. (#XXX3286)
  
09-14130 (KJC)
  
Republic First Bank
  
               37,846.31
ideablob Corp. (#XXX3251)
  
09-14129 (KJC)
  
Republic First Bank
  
               15,584.98
             
Total Entity Level
          
          2,831,323.35
             
Total Cash Accounts
          
        29,742,443.20
             
Advanta Corp. Investment Account
            
Dreyfus Treasury Prime Cash Management Fund (#XXXXX4719)
09-13931 (KJC)
      
        77,453,989.97
             
Total Cash & Investments
          
 $   107,196,433.17
 
 

MOR-1a
 
 
 

United States Bankruptcy Court
District of Delaware
In Re:  Advanta Corp., et al.
Chapter 11
Debtors
Case No. 09-13931 (KJC)
 
Reporting Period: July 1, 2010 to July 31, 2010
 
Schedule of Retained Professionals Fees and Expenses Paid
       
Check (A)
Amount Paid (B)
Petition Date to
End of Reporting Period
Payee
Period Covered
Total Amount Sought
Payor
Number
Date
Fees
Expenses
Fees
Expenses
Alvarez & Marsal
4/1/10 - 4/30/10
 $         233,258.38
Advanta Corp.
Wire
7/19/2010
 $     180,482.00
 $      7,655.88
 $     1,125,402.80
 $     32,675.67
Drinker Biddle & Reath
12/1/09 - 4/30/10
 $           74,067.88
Advanta Corp.
Wire
7/1/2010
 $       58,788.80
 $         581.88
 $          58,788.80
 $          581.88
FTI Consulting
3/1/10 - 4/30/10
 $         386,394.96
Advanta Corp.
Wire
7/19/2010
 $     307,409.60
 $      2,132.96
 $        849,599.60
 $       7,059.83
Garden City Group
5/1/10 - 5/31/10
 $             4,245.78
Advanta Corp.
2007
7/19/2010
 $         4,230.50
 $           15.28
 (C)
 (C)
Garden City Group
6/1/10 - 6/30/10
 $           34,168.28
Advanta Corp.
2067
7/29/2010
 $       32,217.21
 $      1,951.07
 (C)
 (C)
KPMG
              
 $        664,151.08
 $     65,251.59
Latham & Watkins
3/1/10 - 3/31/10
 $         439,887.20
Advanta Corp.
Wire
7/19/2010
 $     341,082.40
 $    13,534.20
 (D)
 (D)
Latham & Watkins
4/1/10 - 4/30/10
 $         298,523.59
Advanta Corp.
Wire
7/1/2010
 $     231,952.40
 $      8,583.09
 (D)
 (D)
Richards, Layton & Finger
5/1/10 - 5/31/10
 $           53,073.74
Advanta Corp.
Wire
7/23/2010
 $       41,141.20
 $      1,647.24
 $        231,319.20
 $     18,024.49
Warren H. Smith & Assoc
3/1/10 - 5/31/10
 $             3,912.95
Advanta Corp.
2009
7/19/2010
 $         2,921.40
 $         261.20
 $            3,181.40
 $          261.20
Weil, Gotshal & Manges
4/1/10 - 4/30/10
 $         537,799.39
Advanta Corp.
Wire
7/19/2010
 $     423,240.80
 $      8,748.39
 $     2,017,549.80
 $     52,710.53

 
(A) Certain check numbers and wires reflect payments of multiple invoices for the period covered.
 
(B) "Amounts Paid" reflect 20% of fees heldback from certain professionals, as required by orders of the Court.
 
(C) The cumulative fees and expenses paid to Garden City Group for the period from petition date to end of reporting period, including both payments
      listed above, are $380,703.89 for fees and $49,485.97 for expenses.
 
(D) The cumulative fees and expenses paid to Latham & Watkins for the period from petition date to end of reporting period, including both payments
      listed above, are $1,296,840.80 for fees and $29,463.72 for expenses.


 

MOR-1b
 
 


UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re:
  
Chapter 11
Advanta Corp., et al.
  
Case No. 09-13931 (KJC)
Debtors
  
Reporting Period: July 1,
2010 to July 31, 2010


Note Regarding Bank Subsidiaries


The Utah Division of Financial Institutions closed Advanta Bank Corp. (“ABC”), a wholly-owned subsidiary of Advanta Corp., and the Federal Deposit Insurance Corporation (the “FDIC”) was appointed the receiver of ABC effective March 19, 2010.  As a result, the FDIC assumed all of ABC’s deposits and controls all of ABC’s assets. Advanta Corp. expects no recovery from the FDIC for Advanta Corp.’s ownership interest in ABC.  The book value of Advanta Corp.’s investment in the stock of Advanta Bank Corp. was reduced to zero as of March 19, 2010.  As a result, Advanta Corp.’s income statement for the period from petition date to July 31, 2010 includes a $63 million loss that is classified as equity in earnings (loss) of subsidiaries.  As previously disclose d, Advanta Corp. does not expect that any of the proceeds associated with the liquidation of the assets of ABC will be distributed to Advanta Corp. or its stakeholders, including stockholders and creditors, on account of Advanta Corp.’s equity interest in ABC.  The balance sheets of the Debtors as of July 31, 2010 included approximately $18 million of net assets related to ABC, which include claims against ABC for deposits and various types of intercompany receivables.  Advanta Corp. and the FDIC have reached an agreement on the terms of a settlement that will fully and finally resolve certain claims and adversary proceedings between the Debtors and the FDIC.  The settlement agreement, once executed, is subject to approval of the U.S. Bankruptcy Court.  If it is approved by the U.S. Bankruptcy Court, the settlement agreement will, among other impacts, eliminate all of the Debtors’ claims against ABC.

Advanta Bank was a Delaware state bank that was an indirect subsidiary of Advanta Corp. until it dissolved effective June 30, 2010.  On March 26, 2010, prior to its dissolution, Advanta Bank entered into a settlement agreement with the FDIC.  As previously disclosed, the FDIC assessed cross-guarantee liability against Advanta Bank in relation to deposit liabilities of ABC, based on the common ownership of the two banks.  Advanta Bank was also, as previously disclosed, involved in regulatory, administrative and judicial proceedings with the FDIC.  The settlement agreement between Advanta Bank and the FDIC settled the cross-guarantee liability and Advanta Bank’s regulatory, administrative and judicial proceedings with the FDIC.  As part of the settlement agreement, Advanta Bank agreed to tr ansfer to the FDIC all of the cash, loans, securities, accounts receivable and other assets of Advanta Bank with the parties agreeing that this transfer would fully satisfy the cross-guarantee liability that was asserted by the FDIC.  The settlement agreement also contains mutual releases from each of the parties against the other.  Advanta Bank recognized a charge of $4.5 million associated with the settlement agreement, which is reflected in Advanta Corp.’s income statement for the period from petition date to July 31, 2010 as part of equity in earnings (loss) of subsidiaries.  The balance sheets of the Debtors as of July 31, 2010 have no amounts related to Advanta Bank.
 
 
 

 
 
 

United States Bankruptcy Court
District of Delaware
 
 
Chapter 11
In Re:  Advanta Corp., et al.
Case No. 09-13931 (KJC)
Debtors
Reporting Period: July 1, 2010 to July 31, 2010
INCOME STATEMENTS
  
FOR THE MONTH ENDED JULY 31, 2010
  
(Unaudited)
  
 
 
Advanta Corp.
Advanta Business
Services
Holding Corp.
Advanta
Business
Services Corp.
Advanta
Shared
Services Corp.
Advanta
Service Corp.
Advanta
Advertising Inc.
Advantennis
Corp.
Advanta
Investment Corp.
Advanta Mortgage
Holding Co.
(In thousands)
09-13931 (KJC)
09-13935 (KJC)
09-13933 (KJC)
09-13934 (KJC)
09-13932 (KJC)
09-13943 (KJC)
09-13941 (KJC)
09-13942 (KJC)
09-13938 (KJC)
                   
Net interest income
 $ 1
 $ 0
 $0
 $ 0
 $ 0
 $0
 $ 0
 $ 0
 $ 0
                   
Provision for credit losses
0
 0
0
0
 0
0
0
 0
 0
                   
Net interest income after
                  
 provision for credit losses
1
 0
0
0
 0
0
0
 0
 0
                   
Noninterest revenues (losses):
                  
 Insurance revenues, net
0
 0
0
0
 0
0
0
 0
 0
 Equity in earnings of subs
 (488)
 (0)
0
0
 0
(0)
0
 0
 1
 Other noninterest revenue
(8)
 0
0
0
 0
0
0
 0
 0
Total noninterest revenues (losses)
 (496)
 (0)
0
0
 0
(0)
0
 0
 1
                   
Operating expenses:
                  
 Personnel expense
628
 0
0
264
 0
0
0
 0
 0
 External processing
1
 0
0
5
 0
0
0
 0
 0
 Postage expense
1
 0
0
0
 0
0
0
 0
 0
 Professional fees
9
 0
0
(1)
 0
0
0
 0
 0
 Consultant fees
76
 0
0
24
 0
0
0
 0
 0
 Fraud losses
0
 0
0
0
 0
0
0
 0
 0
 Equipment expense
(8)
 0
0
12
 0
0
0
 0
 0
 Telephone expense
1
 0
0
11
 0
0
0
 0
 0
 Occupancy expense
62
 0
0
12
 0
0
0
 0
 0
 Intercompany servicing fees
23
 0
0
0
 0
0
0
 0
 0
 Other expenses
194
 0
0
34
 0
0
0
 0
 0
Total operating expenses
987
 0
0
362
 0
0
0
 0
 0
                   
 Reorg. exp. - Professional fees
 1,609
 0
0
0
 0
0
0
 0
 0
 Reorg. exp. - Severance
37
 0
0
276
 0
0
0
 0
 0
 Reorg. exp. - Trustee quarterly fees
10
 0
0
5
 0
0
0
 0
 0
 (Gain) loss on assets
132
 0
0
36
 0
0
0
 0
 0
Reorganization items
 1,788
 0
0
317
 0
0
0
 0
 0
                   
Pretax income (loss)
 (3,270)
 (0)
 (0)
 (679)
 (0)
(0)
(0)
 (0)
 1
                   
Income tax expense (benefit)
0
 0
0
0
 0
0
0
 0
 0
                   
Net income (loss)
 $ (3,270)
 $(0)
 $ (0)
 $ (679)
 $ (0)
 $ (0)
 $ (0)
 $ (0)
 $ 1

Note: The Income Statements were prepared on an accrual basis and include the financial results for the Debtor entities. The statements do not eliminate intercompany revenues,
costs or management fees. These Income Statements do not include the financial results of non-debtor entities controlled by the Debtors and therefore, do not represent
the consolidated financial results of Advanta Corp.
 

MOR-2a
 
 
United States Bankruptcy Court
District of Delaware
 
 
Chapter 11
In Re:  Advanta Corp., et al.
Case No. 09-13931 (KJC)
Debtors
Reporting Period: July 1, 2010 to July 31, 2010
INCOME STATEMENTS
  
FOR THE MONTH ENDED JULY 31, 2010
  
(Unaudited)
  

 
Advanta Auto
Finance Corp.
Advanta Mortgage
Corp. USA
Advanta
Finance
Corp.
Advanta
Credit Card
Rec. Corp.
Advanta
Ventures Inc.
BE Corp.
ideablob
Corp.
Great
Expectations
Int'l Inc.
Great
Expectations
Franchise Corp.
Great
Expectations
Mgmt. Corp.
(In thousands)
09-13939 (KJC)
09-13937 (KJC)
09-13944 (KJC)
09-14127 (KJC)
09-14125 (KJC)
09-14130 (KJC)
09-14129 (KJC)
09-13945 (KJC)
09-13936 (KJC)
09-13940 (KJC)
                     
Net interest income
 $ 0
 $0
 $ 0
 $ 423
 $ 0
 $0
 $ 0
 $0
 $ 0
 $0
                     
Provision for credit losses
 0
0
 0
0
 0
0
 0
0
 0
0
                     
Net interest income after
                    
provision for credit losses
 0
0
 0
 423
 0
0
 0
0
 0
0
                     
Noninterest revenues (losses):
                    
 Insurance revenues, net
 0
0
 0
1
 0
0
 0
0
 0
0
 Equity in earnings of subs
 0
 (0)
 0
0
 (13)
0
 0
0
 0
0
 Other noninterest revenue
 1
0
 0
6
 0
0
 0
0
 0
0
Total noninterest revenues (losses)
 1
 (0)
 0
7
 (13)
0
 0
0
 0
0
                     
Operating expenses:
                    
Personnel expense
 0
0
 0
0
 0
0
 0
0
 0
0
External processing
 0
0
 0
0
 0
0
 0
0
 0
0
Postage expense
 0
0
 0
0
 0
0
 0
0
 0
0
Professional fees
 0
0
 0
0
 0
0
 0
0
 0
0
Consultant fees
 0
0
 0
0
 0
0
 0
0
 0
0
Fraud losses
 0
0
 0
0
 0
0
 0
0
 0
0
Equipment expense
 0
0
 0
0
 0
0
 0
0
 0
0
Telephone expense
 0
0
 0
0
 0
0
 0
0
 0
0
Occupancy expense
 0
0
 0
0
 0
0
 0
0
 0
0
Intercompany servicing fees
 0
0
 0
 112
 0
0
 0
0
 0
0
Other expenses
 0
0
 0
2
 0
0
 0
0
 0
0
Total operating expenses
 0
0
 0
 114
 0
0
 0
0
 0
0
                     
Reorg. exp. - Professional fees
 0
0
 0
0
 0
0
 0
0
 0
0
Reorg. exp. - Severance
 0
0
 0
0
 0
 56
 (44)
0
 0
0
Reorg. exp. - Trustee quarterly fees
 0
0
 0
0
 0
1
 1
0
 0
0
(Gain) loss on assets
 0
0
 0
0
 0
0
 0
0
 0
0
Reorganization items
 0
0
 0
0
 0
 56
 (43)
0
 0
0
                     
Pretax income (loss)
 1
 (0)
 (0)
 316
 (13)
 (56)
43
0
 0
0
                     
Income tax expense (benefit)
 0
0
 0
0
 0
0
 0
0
 0
0
                     
Net income (loss)
 $ 1
 $ (0)
 $ (0)
 $ 316
 $ (13)
 $ (56)
 $43
 $0
 $ 0
 $0
 
 
Note: The Income Statements were prepared on an accrual basis and include the financial results for the Debtor entities. The statements do not eliminate intercompany revenues,
costs or management fees. These Income Statements do not include the financial results of non-debtor entities controlled by the Debtors and therefore, do not represent
the consolidated financial results of Advanta Corp.
 

MOR-2a
 
 
United States Bankruptcy Court
District of Delaware
 
 
Chapter 11
In Re:  Advanta Corp., et al.
Case No. 09-13931 (KJC)
Debtors
Reporting Period: July 1, 2010 to July 31, 2010
INCOME STATEMENTS
  
FOR THE PERIOD FROM PETITION DATE THROUGH JULY 31, 2010
  
(Unaudited)
  
 

 
Advanta Corp.
Advanta Business
Services
Holding Corp.
Advanta
Business
Services Corp.
Advanta
Shared
Services Corp.
Advanta
Service Corp.
Advanta
Advertising Inc.
Advantennis
Corp.
Advanta
Investment Corp.
Advanta Mortgage
Holding Co.
(In thousands)
09-13931 (KJC)
09-13935 (KJC)
09-13933 (KJC)
09-13934 (KJC)
09-13932 (KJC)
09-13943 (KJC)
09-13941 (KJC)
09-13942 (KJC)
09-13938 (KJC)
                   
Net interest income
 $ 156
 $33
 $ 0
 $0
 $0
 $ 0
 $0
 $0
 $ 0
                   
Provision for credit losses
 0
 0
 0
0
0
 0
0
0
 0
                   
Net interest income after
                  
provision for credit losses
 156
33
 0
0
0
 0
0
0
 0
                   
Noninterest revenues (losses):
                  
 Securitization income
 0
 2,050
 0
0
0
 0
0
0
 0
 Other revenues, net:
                  
 Insurance revenues, net
 0
 0
 0
0
0
 0
0
0
 0
 Equity in earnings of subs
 (251,095)
16
 0
0
0
 (2,384)
0
 (0)
 1
 Intercompany management fees
 155
 0
 0
 7,169
0
 0
0
0
 0
 Other noninterest revenue
 120
 0
23
0
0
 0
0
0
 0
 Total other revenues, net
 (250,821)
16
23
 7,169
0
 (2,384)
0
 (0)
 1
                   
Total noninterest revenues (losses)
 (250,821)
 2,067
23
 7,169
0
 (2,384)
0
 (0)
 1
                   
Operating expenses:
                  
Personnel expense
 4,378
 0
 0
 2,203
0
 0
0
0
 0
External processing
18
 0
 0
 40
0
 0
0
0
 0
Advertising expense
 1
 0
 0
6
0
 0
 383
0
 0
Postage expense
 7
 0
 0
 10
0
 0
0
0
 0
Professional fees (A)
72
 0
 0
(302)
0
 0
0
0
 0
Consultant fees
 883
 0
 0
 49
0
 0
0
0
 0
Fraud losses
 0
 0
 0
0
0
 0
0
0
 0
Equipment expense
58
 0
 0
 756
2
 0
0
0
 0
Telephone expense
10
 0
 0
 126
0
 0
0
0
 0
Occupancy expense
 138
 0
 0
 2,998
2
 0
0
0
 0
Intercompany servicing fees
 6,591
 0
 0
0
0
 0
0
0
 0
Visa indemnification
(1,013)
 0
 0
0
0
 0
0
0
 0
Other expenses
 1,927
 0
 5
 1,501
0
 0
 2,000
0
 0
Total operating expenses
 13,069
 0
 5
 7,387
5
 0
 2,383
0
 0
                   
Reorg. exp. - Professional fees
 13,239
 0
 0
0
0
 0
0
0
 0
Reorg. exp. - Severance
 1,113
 0
 0
 756
0
 0
0
0
 0
Reorg. exp. - Trustee quarterly fees
41
 1
 1
 29
1
 1
1
1
 1
Reorg. exp. - Other
 5
 0
 0
0
0
 0
0
0
 0
(Gain) loss on assets
 (88)
 0
 0
 1,391
 11
 0
0
0
 0
Reorganization items
 14,310
 1
 1
 2,177
 12
 1
1
1
 1
                   
Pretax income (loss)
 (278,044)
 2,099
16
(2,394)
 (17)
 (2,385)
(2,384)
 (1)
 0
                   
Income tax expense (benefit)
 (50,272)
 0
 0
0
0
 0
0
0
 0
                   
Net income (loss)
 $ (227,771)
 $ 2,099
 $16
 $(2,394)
 $ (17)
 $ (2,385)
 $(2,384)
 $ (1)
 $ 0
 
Note: The Income Statements were prepared on an accrual basis and include the financial results for the Debtor entities. The statements do not eliminate intercompany revenues, costs or management fees. These Income Statements do not include the financial results of non-debtor entities controlled by the Debtors and therefore, do not represent the consolidated financial results of Advanta Corp.
 
(A) In March 2010, Advanta Shared Services Corp. reversed $897 thousand of accrued audit fees, $697 thousand of which had been accrued pre-petition, when it was determined that an audit of fiscal year 2009 would not be needed for a Form 10-K.


MOR-2b
 
 
United States Bankruptcy Court
District of Delaware
 
 
Chapter 11
In Re:  Advanta Corp., et al.
Case No. 09-13931 (KJC)
Debtors
Reporting Period: July 1, 2010 to July 31, 2010
INCOME STATEMENTS
  
FOR THE PERIOD FROM PETITION DATE THROUGH JULY 31, 2010
  
(Unaudited)
  
 
 
 
Advanta Auto
Finance Corp.
Advanta Mortgage
Corp. USA
Advanta
Finance
Corp.
Advanta
Credit Card
Rec. Corp.
Advanta
Ventures Inc.
BE Corp.
ideablob
Corp.
Great
Expectations
Int'l Inc.
Great
Expectations
Franchise Corp.
Great
Expectations
Mgmt. Corp.
(In thousands)
09-13939 (KJC)
09-13937 (KJC)
09-13944 (KJC)
09-14127 (KJC)
09-14125 (KJC)
09-14130 (KJC)
09-14129 (KJC)
09-13945 (KJC)
09-13936 (KJC)
09-13940 (KJC)
                     
Net interest income
 $0
 $ 0
 $0
 $ 4,373
 $0
 $0
 $ 0
 $ 0
 $ 0
 $ 0
                     
Provision for credit losses
0
 0
0
 3,883
0
0
 0
 0
 0
 0
                     
Net interest income after
                    
provision for credit losses
0
 0
0
 490
0
0
 0
 0
 0
 0
                     
Noninterest revenues (losses):
                    
 Securitization income
0
 0
0
0
0
0
 0
 0
 0
 0
 Other revenues, net:
                    
 Insurance revenues, net
0
 0
0
 22
0
0
 0
 0
 0
 0
 Equity in earnings of subs
0
 (1)
0
0
 (87)
0
 0
 (4)
 0
 0
 Intercompany management fees
0
 0
0
0
0
0
 0
 0
 0
 0
 Other noninterest revenue
6
 0
0
 47
0
0
 0
 0
 0
 0
 Total other revenues, net
6
 (1)
0
 69
 (87)
0
 0
 (4)
 0
 0
                     
Total noninterest revenues (losses)
6
 (1)
0
 69
 (87)
0
 0
 (4)
 0
 0
                     
Operating expenses:
                    
Personnel expense
0
 0
0
0
0
 (34)
 (79)
 0
 0
 0
External processing
0
 0
0
0
0
0
 0
 2
 1
 0
Advertising expense
0
 0
0
0
0
2
 0
 0
 0
 0
Postage expense
0
 0
0
0
0
0
 0
 0
 0
 0
Professional fees
0
 0
0
0
0
1
 1
 0
 0
 0
Consultant fees
0
 0
0
0
0
 16
 1
 0
 0
 0
Fraud losses
0
 0
0
8
0
0
 0
 0
 0
 0
Equipment expense
0
 0
0
0
0
 48
 0
 0
 0
 0
Telephone expense
0
 0
0
0
0
1
(0)
 0
 0
 0
Occupancy expense
0
 0
0
0
0
0
 0
 0
 0
 0
Intercompany servicing fees
0
 0
0
 1,153
0
0
 0
 0
 0
 0
Visa indemnification
0
 0
0
0
0
0
 0
 0
 0
 0
Other expenses
1
 0
0
6
0
 56
 7
 0
 0
 0
Total operating expenses
1
 0
0
 1,166
0
 91
 (70)
 2
 2
 0
                     
Reorg. exp. - Professional fees
0
 0
0
0
0
0
 0
 0
 0
 0
Reorg. exp. - Severance
0
 0
0
0
0
 114
54
 0
 0
 0
Reorg. exp. - Trustee quarterly fees
1
 1
1
1
1
3
 2
 0
 2
 0
Reorg. exp. - Other
0
 0
0
0
0
0
 0
 0
 0
 0
(Gain) loss on assets
0
 0
0
0
0
(106)
 0
 0
 0
 0
Reorganization items
1
 1
1
1
1
 11
55
 0
 2
 0
                     
Pretax income (loss)
4
 (2)
 (1)
(607)
 (89)
(102)
14
 (5)
(4)
 0
                     
Income tax expense (benefit)
0
 0
0
0
0
0
 0
 0
 0
 0
                     
Net income (loss)
 $4
 $ (2)
 $ (1)
 $(607)
 $ (89)
 $(102)
 $14
 $ (5)
 $(4)
 $ 0

 
Note: The Income Statements were prepared on an accrual basis and include the financial results for the Debtor entities. The statements do not eliminate intercompany revenues, costs or management fees. These Income Statements do not include the financial results of non-debtor entities controlled by the Debtors and therefore, do not represent the consolidated financial results of Advanta Corp.
 

MOR-2b
 
 

 
United States Bankruptcy Court
  
 
District of Delaware
  
   
Chapter 11
In Re:  Advanta Corp., et al.
  
Case No. 09-13931 (KJC)
Debtors
  
Reporting Period:  July 1, 2010 to July 31, 2010
     
BALANCE SHEETS
    
AS OF JULY 31, 2010
    
(Unaudited)
    
 

(In thousands)
Advanta Corp.
Advanta Business
Services
Holding Corp.
Advanta
Business
Services Corp.
Advanta
Shared
Services Corp.
Advanta
Service Corp.
Advanta
Advertising Inc.
Advantennis
Corp.
Advanta
Investment Corp.
Advanta Mortgage
Holding Co.
 
09-13931 (KJC)
09-13935 (KJC)
09-13933 (KJC)
09-13934 (KJC)
09-13932 (KJC)
09-13943 (KJC)
09-13941 (KJC)
09-13942 (KJC)
09-13938 (KJC)
ASSETS
                  
Cash:
                  
 Intercompany cash at Advanta Bank Corp.
 $10
 $0
 $0
 $ 0
 $ 0
 $0
 $ 0
 $ 0
 $0
 External cash
 26,644
 1,508
 844
 201
 2
1
61
 5
0
 Total cash
 26,654
 1,508
 844
 201
 2
1
61
 5
0
 Intercompany restricted
                  
 interest-bearing deposits at Advanta Bank Corp.
 1,200
0
0
 0
 0
0
 0
 0
0
Investments available for sale
 79,086
0
0
 0
 0
0
 0
 0
0
Receivables, net
 1,248
0
0
 0
 0
0
 0
 0
0
Premises and equipment:
                  
 Premises and equipment, gross
 206
0
0
 4,268
 0
0
 0
 0
0
 Accumulated depreciation
 (177)
0
0
 (38)
 0
0
 0
 0
0
 Premises and equipment, net
29
0
0
 4,230
 0
0
 0
 0
0
Other assets:
                  
 Investment in subsidiaries
(99,743)
 5,599
0
 0
 0
 (16,263)
 0
 52
19,874
 Charged-off receivable asset
 694
0
0
 0
 0
0
 0
 0
0
 Intercompany receivables
178,450
0
15,774
 6,389
 190
0
 0
711
0
 Tax assets
 7,942
25,790
0
 1,128
 4,324
0
 4,276
 0
0
 Other assets
 49,082
 5,741
0
 376
 0
0
 0
 0
0
 Total other assets
136,425
37,129
15,774
 7,893
 4,514
 (16,263)
 4,276
763
19,874
Total assets
 $244,643
 $38,636
 $16,619
 $ 12,324
 $ 4,516
 $ (16,262)
 $ 4,338
 $768
 $19,874
                   
LIABILITIES NOT SUBJECT TO COMPROMISE
                  
Intercompany line of credit payable
 $ 0
 $0
 $0
 $ 0
 $ 0
 $0
 $ 0
 $ 0
 $0
Intercompany advance payables
 212
1
8
 1,635
 1
1
 1
 1
1
Other liabilities
 9,751
0
0
 885
 0
0
 0
 0
0
Total liabilities not subject to compromise
 9,963
1
8
 2,520
 1
1
 1
 1
1
                   
LIABILITIES SUBJECT TO COMPROMISE
                  
Debt (A)
135,709
0
0
 0
 0
0
 0
 0
0
Intercompany line of credit payable
 0
0
0
 537
 0
0
 3,212
 0
0
Subordinated debt payable to preferred
                  
securities trust
 92,290
0
0
 0
 0
0
 0
 0
0
Other liabilities:
                  
 Intercompany advance payables
 454
34,715
6
 9,505
 27,438
 2,006
 17,388
 19,566
 7,025
 Current income taxes payable
 18,534
12,116
10,954
 931
 0
0
 0
 20,497
 2,263
 Unrecognized tax benefits
 14,886
0
0
 0
 0
0
 0
 0
0
 Other liabilities
 31,570
0
 53
 736
 2
0
 0
 0
0
 Total other liabilities
 65,445
46,831
11,012
 11,172
 27,440
 2,006
 17,388
 40,063
 9,288
Total liabilities subject to compromise
293,444
46,831
11,012
 11,709
 27,440
 2,006
 20,600
 40,063
 9,288
                   
Total liabilities
303,407
46,832
11,020
 14,229
 27,441
 2,007
 20,601
 40,064
 9,289
                   
Stockholders' equity
(58,765)
(8,196)
 5,599
(1,904)
(22,925)
 (18,269)
 (16,263)
(39,296)
10,585
                   
Total liabilities and equity
 $244,643
 $38,636
 $16,619
 $ 12,324
 $ 4,516
 $ (16,262)
 $ 4,338
 $768
 $19,874
 

Note: The Balance Sheets were prepared on an accrual basis and include the financial results of the Debtor entities.  The Statements do not eliminate intercompany assets, intercompany liabilities or investments in subsidiaries. These Balance Sheets do not include the financial results of non-debtor entities controlled by the Debtors and therefore, do not represent the consolidated financial results of Advanta Corp. Intercompany receivables on the Balance Sheets of the Debtors are not reduced by a reserve for uncollectible amounts.  The full amounts of intercompany receivables may not be collectible.
 
(A) In January 2010, $2.4 million of Advanta Corp. outstanding checks to retail noteholders were reclassified from cash to debt on the Balance Sheet.


MOR-3a
 
 


 
United States Bankruptcy Court
  
 
District of Delaware
  
   
Chapter 11
In Re:  Advanta Corp., et al.
  
Case No. 09-13931 (KJC)
Debtors
  
Reporting Period:  July 1, 2010 to July 31, 2010
     
BALANCE SHEETS
    
AS OF JULY 31, 2010
    
(Unaudited)
    
 
 
(In thousands)
Advanta Auto
Finance Corp.
Advanta Mortgage
Corp. USA
Advanta
Finance
Corp.
Advanta
Credit Card
Rec. Corp.
Advanta
Ventures Inc.
BE Corp.
ideablob
Corp.
Great
Expectations
Int'l Inc.
Great
Expectations
Franchise Corp.
Great
Expectations
Mgmt. Corp.
 
09-13939 (KJC)
09-13937 (KJC)
09-13944 (KJC)
09-14127 (KJC)
09-14125 (KJC)
09-14130 (KJC)
09-14129 (KJC)
09-13945 (KJC)
09-13936 (KJC)
09-13940 (KJC)
ASSETS
                    
Cash:
                    
 Intercompany cash at Advanta Bank Corp.
 $0
 $0
 $ 0
 $ 0
 $0
 $0
 $0
 $0
 $ 0
 $ 0
 External cash
 85
 50
 5
 16
0
 38
 16
0
 0
 0
 Total cash
 85
 50
 5
 16
0
 38
 16
0
 0
 0
 Intercompany restricted
                    
interest-bearing deposits at Advanta Bank Corp.
0
0
 0
 0
0
0
0
0
 0
 0
Investments available for sale
0
0
 0
 0
0
0
0
0
 0
 0
Receivables, net
0
0
 0
 24,581
0
0
0
0
 0
 0
Premises and equipment:
                    
 Premises and equipment, gross
0
0
 0
 0
0
0
0
0
 0
 0
 Accumulated depreciation
0
0
 0
 0
0
0
0
0
 0
 0
 Premises and equipment, net
0
0
 0
 0
0
0
0
0
 0
 0
Other assets:
                    
 Investment in subsidiaries
0
48,068
 0
 0
 (18,508)
0
0
1
 0
 0
 Charged-off receivable asset
0
0
 0
 0
0
0
0
0
 0
 0
 Intercompany receivables
6
0
 44,468
 0
0
0
0
0
 1
 0
 Tax assets
0
20,285
 4,859
5,544
0
0
0
0
 0
 0
 Other assets
0
0
 0
242
0
0
0
0
 0
 0
 Total other assets
6
68,352
 49,327
5,786
 (18,508)
0
0
1
 1
 0
Total assets
 $ 91
 $68,402
 $ 49,332
 $ 30,382
 $ (18,507)
 $ 38
 $ 16
 $1
 $ 1
 $ 0
                     
LIABILITIES NOT SUBJECT TO COMPROMISE
                    
Intercompany line of credit payable
 $0
 $0
 $ 0
 $ 0
 $0
 $ 42
 $0
 $0
 $ 0
 $ 0
Intercompany advance payables
2
1
 1
1,153
1
 38
 44
0
 0
 0
Other liabilities
0
0
 0
 0
0
1
1
0
 0
 0
Total liabilities not subject to compromise
2
1
 1
1,153
1
 80
 44
0
 0
 0
                     
LIABILITIES SUBJECT TO COMPROMISE
                    
Debt
0
0
 0
 0
0
0
0
0
 0
 0
Intercompany line of credit payable
0
0
 0
 22,476
0
 137
15,099
0
 0
 0
Subordinated debt payable to preferred
                    
securities trust
0
0
 0
 0
0
0
0
0
 0
 0
Other liabilities:
                    
 Intercompany advance payables
2
46,357
 965
 10,525
0
 2,099
 1,060
0
 0
 0
 Current income taxes payable
 906
0
 0
 0
0
0
0
0
 0
 0
 Unrecognized tax benefits
0
0
 0
 0
0
0
0
0
 0
 0
 Other liabilities
0
 1,350
 299
 0
0
 29
 12
0
 0
 0
 Total other liabilities
 909
47,706
 1,264
 10,525
0
 2,128
 1,072
0
 0
 0
Total liabilities subject to compromise
 909
47,706
 1,264
 33,001
0
 2,266
16,171
0
 0
 0
                     
Total liabilities
 911
47,708
 1,265
 34,154
1
 2,346
16,215
0
 0
 0
                     
Stockholders' equity
(820)
20,694
 48,068
 (3,772)
 (18,509)
 (2,308)
 (16,200)
1
 1
 0
                     
Total liabilities and equity
 $ 91
 $68,402
 $ 49,332
 $ 30,382
 $ (18,507)
 $ 38
 $ 16
 $1
 $ 1
 $ 0
 

Note: The Balance Sheets were prepared on an accrual basis and include the financial results of the Debtor entities.  The Statements do not eliminate intercompany assets, intercompany liabilities or investments in subsidiaries. These Balance Sheets do not include the financial results of non-debtor entities controlled by the Debtors and therefore, do not represent the consolidated financial results of Advanta Corp. Intercompany receivables on the Balance Sheets of the Debtors are not reduced by a reserve for uncollectible amounts.  The full amounts of intercompany receivables may not be collectible.

MOR-3a
 
 
 
United States Bankruptcy Court
District of Delaware
 
 
Chapter 11
In Re:  Advanta Corp., et al.
Case No. 09-13931 (KJC)
Debtors
Reporting Period: July 1, 2010 to July 31, 2010
   
BALANCE SHEETS
  
AS OF PETITION DATE
  
(Unaudited)
  
 

(In thousands)
Advanta Corp.
Advanta Business
Services
Holding Corp.
Advanta Business
Services Corp.
Advanta Shared
Services Corp.
Advanta
Service Corp.
Advanta
Advertising Inc.
Advantennis
Corp.
Advanta
Investment Corp.
Advanta
Mortgage
Holding Co.
 
09-13931 (KJC)
09-13935 (KJC)
09-13933 (KJC)
09-13934 (KJC)
09-13932 (KJC)
09-13943 (KJC)
09-13941 (KJC)
09-13942 (KJC)
09-13938 (KJC)
ASSETS
                  
Cash:
                  
Intercompany cash at Advanta Bank Corp.
 $ 1,661
 $ 0
 $ 0
 $ 23
 $ 0
 $ 0
 $ 0
 $ 0
 $ 0
External cash
 19,025
 6
 820
 343
 2
 1
 61
 5
 0
 Total cash
 20,686
 6
 820
 366
 2
 1
 61
 5
 0
Intercompany restricted interest-bearing deposits at Advanta Bank Corp.
 1,258
 0
 0
 0
 0
 0
 0
 0
 0
Investments available for sale
 78,254
 0
 0
 0
 0
 0
 0
 0
 0
Receivables, net
 1,580
 0
 0
 0
 0
 0
 0
 0
 0
Accounts receivable from securitizations
 0
 5,350
 0
 0
 0
 0
 0
 0
 0
Premises and equipment:
                  
Premises and equipment, gross
 516
 0
 0
 17,763
 653
 0
 0
 0
 0
Accumulated depreciation
 (350)
 0
 0
 (11,385)
 (638)
 0
 0
 0
 0
Premises and equipment, net
 167
 0
 0
 6,378
 16
 0
 0
 0
 0
Other assets:
                  
 Investment in subsidiaries
 (16,176)
 5,582
 0
 0
 0
 (13,879)
 0
 52
 19,873
 Charged-off receivable asset
 2,445
 0
 0
 0
 0
 0
 0
 0
 0
 Intercompany receivables
 197,621
 0
 15,774
 1,293
 190
 0
 0
 711
 0
 Tax assets
 0
 26,616
 5,418
 1,158
 5,071
 0
 4,276
 850
 0
 Other assets
 49,674
 0
 0
 8,167
 0
 0
 2,383
 0
 0
 Total other assets
 233,564
 32,198
 21,193
 10,617
 5,261
 (13,879)
 6,659
 1,613
 19,873
 Total assets
 $ 335,508
 $ 37,554
 $ 22,013
 $ 17,362
 $ 5,279
 $ (13,878)
 $ 6,721
 $ 1,618
 $ 19,873
                   
LIABILITIES SUBJECT TO COMPROMISE
                  
Debt
 $ 133,277
 $ 0
 $ 0
 $ 0
 $ 0
 $ 0
 $ 0
 $ 0
 $ 0
Intercompany line of credit payable
 0
 0
 0
 1,486
 0
 0
 3,210
 0
 0
 
                  
Subordinated debt payable to preferred securities trust
 92,290
 0
 0
 0
 0
 0
 0
 0
 0
Other liabilities:
                  
 Intercompany accrued interest payable
 0
 0
 0
 1
 0
 0
 2
 0
 0
 Intercompany advance payables
 34
 34,906
 6
 12,225
 27,438
 2,006
 17,388
 19,566
 7,025
 Current income taxes payable
 59,439
 12,942
 16,372
 961
 747
 0
 0
 21,348
 2,263
 Unrecognized tax benefits
 14,886
 0
 0
 0
 0
 0
 0
 0
 0
 Other liabilities
 34,644
 0
 53
 2,199
 2
 0
 0
 0
 0
 Total other liabilities
 109,004
 47,848
 16,431
 15,386
 28,187
 2,006
 17,390
 40,913
 9,288
 Total liabilities subject to compromise
 334,570
 47,848
 16,431
 16,872
 28,187
 2,006
 20,600
 40,913
 9,288
                   
Stockholders' equity
 938
 (10,294)
 5,582
 490
 (22,908)
 (15,884)
 (13,879)
 (39,295)
 10,585
                   
Total liabilities and equity
 $ 335,508
 $ 37,554
 $ 22,013
 $ 17,362
 $ 5,279
 $ (13,878)
 $ 6,721
 $ 1,618
 $ 19,873
                   
 
Note: The Balance Sheets were prepared on an accrual basis and include the financial results for the Debtor entities. The statements do not eliminate intercompany assets, intercompany liabilities or investments in subsidiaries. These Balance Sheets do not include the financial results of non-debtor entities controlled by the Debtors and therefore, do not represent the consolidated financial results of Advanta Corp. Intercompany receivables on the Balance Sheets of the Debtors are not reduced by a reserve for uncollectible amounts. The full amounts of intercompany receivables may not be collectible.
 

MOR-3b
 
 

 
United States Bankruptcy Court
District of Delaware
 
 
Chapter 11
In Re:  Advanta Corp., et al.
Case No. 09-13931 (KJC)
Debtors
Reporting Period: July 1, 2010 to July 31, 2010
   
BALANCE SHEETS
  
AS OF PETITION DATE
  
(Unaudited)
  
 
 
(In thousands)
Advanta Auto
Finance Corp.
Advanta Mortgage
Corp. USA
Advanta
Finance Corp.
Advanta
Credit Card
Rec. Corp.
Advanta
Ventures Inc.
BE Corp.
ideablob
Corp.
Great
Expectations
Int'l Corp.
Great
Expectations
Franchise Corp.
Great
Expectations
Mangaement
Corp.
 
09-13939 (KJC)
09-13937 (KJC)
09-13944 (KJC)
09-14127 (KJC)
09-14125 (KJC)
09-14130 (KJC)
09-14129 (KJC)
09-13945 (KJC)
09-13936 (KJC)
 09-13940 (KLC)
ASSETS
                    
Cash:
                    
 Intercompany cash at Advanta Bank Corp.
 $ 2
 $ 0
 $ 0
 $ 0
 $ 0
 $ 0
 $ 0
 $ 0
 $ 0
   $ 0
 External cash
 78
 50
 5
 21
 0
 (10)
 57
 1
 5
  0
 Total cash
 79
 50
 5
 21
 0
 (10)
 57
 1
 5
  0
Intercompany restricted interest-bearing deposits at Advanta Bank Corp.
 0
 0
 0
 0
 0
 0
 0
 0
 0
  0
Investments available for sale
 0
 0
 0
 0
 0
 0
 0
 0
 0
  0
Receivables, net
 0
 0
 0
 40,286
 0
 0
 0
 0
 0
  0
Accounts receivable from securitizations
 0
 0
 0
 0
 0
 0
 0
 0
 0
  0
Premises and equipment:
                    
 Premises and equipment, gross
 0
 0
 0
 0
 0
 119
 0
 0
 0
  0
 Accumulated depreciation
 0
 0
 0
 0
 0
 (47)
 0
 0
 0
  0
 Premises and equipment, net
 0
 0
 0
 0
 0
 72
 0
 0
 0
  0
Other assets:
                    
 Investment in subsidiaries
 0
 48,069
 0
 0
 (18,420)
 0
 0
 5
 0
  0
 Charged-off receivable asset
 0
 0
 0
 0
 0
 0
 0
 0
 0
  0
 Intercompany receivables
 6
 0
 44,468
 0
 0
 0
 0
 0
 0
  0
 Tax assets
 430
 22,311
 6,634
 5,544
 0
 0
 0
 0
 0
  0
 Other assets
 0
 0
 0
 458
 0
 10
 0
 0
 0
  0
 Total other assets
 436
 70,380
 51,102
 6,002
 (18,420)
 10
 0
 5
 0
  0
 Total assets
 $ 515
 $ 70,430
 $ 51,107
 $ 46,309
 $ (18,420)
 $ 72
 $ 57
 $ 6
 $ 5
  0
                     
LIABILITIES SUBJECT TO COMPROMISE
                    
Debt
 $ 0
 $ 0
 $ 0
 $ 0
 $ 0
 $ 0
 $ 0
 $ 0
 $ 0
   $ 0
Intercompany line of credit payable
 0
 0
 0
 40,402
 0
 137
 15,072
 0
 0
  0
Subordinated debt payable to preferred securities trust
 0
 0
 0
 0
 0
 0
 0
 0
 0
  0
Other liabilities:
                    
 Intercompany accrued interest payable
 0
 0
 0
 4
 0
 0
 27
 0
 0
  0
 Intercompany advance payables
 3
 46,357
 965
 9,068
 0
 2,052
 1,060
 0
 0
  0
 Current income taxes payable
 1,336
 2,027
 1,775
 0
 0
 0
 0
 0
 0
  0
 Unrecognized tax benefits
 0
 0
 0
 0
 0
 0
 0
 0
 0
  0
 Other liabilities
 0
 1,350
 299
 0
 0
 89
 113
 0
 0
  0
 Total other liabilities
 1,339
 49,733
 3,038
 9,071
 0
 2,141
 1,199
 0
 0
  0
 Total liabilities subject to compromise
 1,339
 49,733
 3,038
 49,474
 0
 2,278
 16,271
 0
 0
  0
                     
Stockholders' equity
 (824)
 20,697
 48,069
 (3,165)
 (18,420)
 (2,206)
 (16,214)
 6
 5
  0
                     
Total liabilities and equity
 $ 515
 $ 70,430
 $ 51,107
 $ 46,309
 $ (18,420)
 $ 72
 $ 57
 $ 6
 $ 5
  0
                     
 
 
Note: The Balance Sheets were prepared on an accrual basis and include the financial results for the Debtor entities. The statements do not eliminate intercompany assets, intercompany liabilities or investments in subsidiaries. These Balance Sheets do not include the financial results of non-debtor entities controlled by the Debtors and therefore, do not represent the consolidated financial results of Advanta Corp. Intercompany receivables on the Balance Sheets of the Debtors are not reduced by a reserve for uncollectible amounts. The full amounts of intercompany receivables may not be collectible.
 

MOR-3b
 
 

UNITED STATES BANKRUPTCY COURT
DISTRICT OF DELAWARE
In Re:
  
Chapter 11
Advanta Corp., et al.
  
Case No. 09-13931 (KJC)
Debtors
  
Reporting Period: July 1,
2010 to July 31, 2010


Declaration Regarding the Status of Post Petition Taxes of the Debtors
July 31, 2010


Philip M. Browne hereby declares and states:

I am Chief Financial Officer of Advanta Corp., a corporation organized under the laws of the state of Delaware, which along with certain of its affiliated debtors (collectively, the “Debtors”) are Debtors and Debtors in Possession in the above-captioned chapter 11 cases.  In this capacity, I am familiar with Advanta Corp.’s day-to-day operations, businesses, financial affairs and books and records.

Except as otherwise indicated, all facts set forth in this declaration are based upon my personal knowledge of Advanta Corp.’s operations and finances, information learned from my review of relevant documents and information I have received from other members of management or the Debtors’ advisors.  As a duly elected and qualified officer of Advanta Corp., I am authorized to submit this declaration on behalf of the Debtors and, if I were called upon to testify, I could and would testify competently to the facts set forth herein.  I submit this declaration under penalty of perjury pursuant to 28 U.S.C. § 1746.

To the best of my knowledge, other than as described below, the Debtors have filed all necessary federal, state and local tax returns and made all required post-petition tax payments in connection therewith on a timely basis, or have promptly remediated any late filings or payments that may have occurred due to unintentional oversights.  The Debtors, however, have not yet filed certain state and local combined tax returns for the year ended 12/31/2009 because those tax returns either have to be prepared by the Federal Deposit Insurance Corporation ("FDIC-R"), as receiver for Advanta Bank Corp., Advanta Corp.'s wholly-owned bank subsidiary, or require FDIC-R's signature or other information.  The Debtors are working with the FDIC-R to complete these tax returns and arrange for payment of any taxes that may be due pursuant to such tax returns.


MOR-4
 
 
 


United States Bankruptcy Court
District of Delaware
   
In Re:  Advanta Corp., et al.
Chapter 11
Debtors
Case No. 09-13931 (KJC)
 
Reporting Period: Petition Date to July 31, 2010
 
 
Summary of Unpaid Post Petition Accounts Payable
        
                 
                 
                 
     
Current
1 - 30
31 - 60
61 - 90
 Over 90
 Total
Combined Debtors
            
 $                 -
                 
 
The post petition accounts payable report represents open and outstanding trade vendor invoices that
have been entered into the accounts payable system.  This summary does not include accruals for
invoices not yet received or approved and therefore will differ from the balance sheet on MOR-3a.
 

MOR-4
 
 
 

United States Bankruptcy Court
District of Delaware
In Re:  Advanta Corp., et al.
Chapter 11
Debtors
Case No. 09-13931 (KJC)
 
Reporting Period: July 1, 2010 to July 31, 2010
 

Accounts Receivable Reconciliation and Aging

 
Accounts Receivable Reconciliation
    
Total Accounts Receivable at beginning of the reporting period
  
 $           31,081,271
 + Amounts billed during the period
  
                   444,948
 - Amounts collected during the period
  
              (1,633,107)
 - Other adjustments to Accounts Receivable, including credit memos, discounts
  
                 (693,409)
Total Accounts Receivable at ending of the reporting period
  
 $           29,199,703
     
Accounts Receivable Aging
    
0-30 days old
  
 $           26,225,484
31-60 days old
  
                1,239,761
61-90 days old
  
                   971,311
91 + days old
  
                   763,147
Total Accounts Receivable
  
              29,199,703
Amounts considered uncollectible (Bad Debt)
  
              (3,371,071)
Accounts Receivable (Net)
  
 $           25,828,632
 

Accounts Receivable above does not include intercompany receivables.
 
 

MOR-5
 
 

United States Bankruptcy Court
District of Delaware
In Re:  Advanta Corp., et al.
Chapter 11
Debtors
Case No. 09-13931 (KJC)
 
Reporting Period: July 1, 2010 to July 31, 2010
   
Debtor Questionnaire
  
For the Month Ended July 31, 2010
  
 

1
Have any assets been sold or transferred outside the normal course of business this reporting period?  If yes, attach explanation. (A)
Y
2
Have any funds been disbursed from any account other than a debtor in possession account this reporting period?  If yes, attach explanation.
N
3
Have all postpetition tax returns been timely filed?  If no, attach explanation. (B)
N
4
Are workers compensation, general liability and other necessary insurance coverages in effect?  If no, attach explanation.
Y
5
Has any bank account been opened during the reporting period?  If yes, provide documentation identifying the opened account(s).  If an investment account has been opened, provide the required documentation pursuant to Delaware Local Rule 4001-3.
N


(A)
In July 2010, Advanta Corp. sold its investment in Delaware State Housing Authority subordinated mortgage revenue bonds pursuant to an order of the Court authorizing such sale.  Sales proceeds were $345,652.
   
(B)
The Debtors have not yet filed certain state and local combined tax returns for the year ended 12/31/2009 because those tax returns either have to be prepared by the FDIC-R, as receiver for Advanta Bank Corp., Advanta Corp.'s wholly-owned bank subsidiary, or require FDIC-R's signature or other information.  The Debtors are working with the FDIC-R to complete these tax returns and arrange for payment of any taxes that may be due pursuant to such tax returns.
 
 
 
 
 
MOR-5
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